(3)As of 31 December 2018, the outstanding notional amount of OTC derivatives is more than EUR 500 trillion worldwide, of which interest rate derivatives represent more than 75 % and foreign exchange derivatives almost 20 %. About 30 % of all OTC derivatives are denominated in euro and other Union currencies. The market for central clearing of OTC derivatives is highly concentrated, in particular the market for central clearing of euro-denominated OTC interest rate derivatives, of which more than 90 % are cleared in one CCP established in the United Kingdom. In 2017, 97 % of euro-denominated OTC interest rate derivatives were cleared in that CCP, which underlines that market participants are taking steps to prepare themselves for the UK’s withdrawal.